Re.work
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 8 filings
Turnover
€78,311▼ 66.7%
2021 · €235,372
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€195,663
2024 · €6,471
Working capital
-€120,142
2024 · €75,521
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€78,311
2025
20182025
Operating result
-€192,158
2025
20182025
Net result
-€195,663
2025
lowest quarter of the sector
20182025
Equity
-€120,142
2025
lowest quarter of the sector
20182025
Total assets
€33,752
▼ 58.7%
2025
lowest quarter of the sector
20182025
Debt
€153,894
▲ 25×
2025
20182025
Working capital
-€120,142
2025
lowest quarter of the sector
20182025
Solvency
-356.0%
▼ 448.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.22
▼ 13.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-579.7%
▼ 587.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.9m-€1.8m▼ 5.7%€5.4m▲ 199%€0.2m▼ 95.6%€0.08m
Operating result€0.1m-€0.4m▲ 293%€0.08m▼ 78.6%-€0.01m-€0.007m▲ 28.0%-€0.008m▼ 18.4%€0.001m-€0.2m
Net result€0.07m-€0.2m▲ 247%€0.06mwithin the sector's middle half▼ 77.5%€0.5mabove the sector's middle half▲ 796%-€0.005mbelow the sector's middle half€0.02mwithin the sector's middle half€0.006mwithin the sector's middle half▼ 58.1%-€0.2mbelow the sector's middle half
Equity€0.1m-€0.4m▲ 185%€0.4mwithin the sector's middle half▲ 14.6%€0.9mabove the sector's middle half▲ 114%€0.9mabove the sector's middle half▼ 0.6%€0.9mabove the sector's middle half▲ 1.7%€0.08mwithin the sector's middle half▼ 92.0%-€0.1mbelow the sector's middle half
Total assets€0.5m-€0.8m▲ 68.1%€2.6mabove the sector's middle half▲ 246%€1.0mwithin the sector's middle half▼ 62.9%€0.9mwithin the sector's middle half▼ 3.4%€1.0mwithin the sector's middle half▲ 1.4%€0.08mbelow the sector's middle half▼ 91.4%€0.03mbelow the sector's middle half▼ 58.7%
Debt€0.3m-€0.4m▲ 19.0%€2.2m▲ 479%€0.04m▼ 98.1%€0.01m▼ 67.9%€0.01m▼ 16.0%€0.006m▼ 45.3%€0.2m▲ 25×
Working capital€0.07m-€0.3m▲ 354%€0.4mabove the sector's middle half▲ 30.8%€0.9mabove the sector's middle half▲ 129%€0.9mabove the sector's middle half▼ 0.6%€0.9mabove the sector's middle half▲ 1.7%€0.08mwithin the sector's middle half▼ 92.0%-€0.1mbelow the sector's middle half
Solvency29.5%-50.1%▲ 20.6pp16.6%within the sector's middle half▼ 33.5pp95.7%above the sector's middle half▲ 79.2pp98.6%above the sector's middle half▲ 2.8pp98.8%above the sector's middle half▲ 0.2pp92.5%above the sector's middle half▼ 6.3pp-356.0%below the sector's middle half▼ 448.5pp
Current ratio1.22-1.82▲ 0.611.19within the sector's middle half▼ 0.6323.44above the sector's middle half▲ 22.2570.53above the sector's middle half▲ 47.0985.13above the sector's middle half▲ 14.6113.33above the sector's middle half▼ 71.810.22below the sector's middle half▼ 13.11
Return on assets (ROA)15.8%-32.5%▲ 16.8pp2.1%within the sector's middle half▼ 30.4pp51.0%above the sector's middle half▲ 48.9pp-0.6%below the sector's middle half▼ 51.6pp1.6%within the sector's middle half▲ 2.2pp7.9%within the sector's middle half▲ 6.3pp-579.7%below the sector's middle half▼ 587.6pp
Staff (FTE)2.5-5.8▲ 132%1below the sector's middle half▼ 82.8%1.5below the sector's middle half▲ 50.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €192,158, after a profit of €996 in 2024. It is the lowest result since 2021.
Key figures and ratios
Debt ≤ 1 year
€153,894▲
2024 · €6,127
Customer credit
115 days
Supplier credit
26 days▼
2024 · 151 days
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1.5 |
| On a permanent contract | 1 |
| Joined | 0 |
| Left | 4 |
| Training hours | 207 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,041 | - | - | - | - |
| Depreciation and write-downs of the year | €3,535 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.9m | €1.8m | €5.4m | €0.2m | - | - | - | €0.08m | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.2m | €0.006m | €0.006m | €0.008m | €0.3m | ▲ 37× |
| Remuneration, social security and pensions62 | - | - | - | €0.05m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.005m | €0.008m | €0.004m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | €0.002m | ▲ 73.8% |
| Non-recurring operating charges66A | - | - | - | €369 | - | - | - | - | - |
| Gross operating margin9900 | - | - | €0.5m | €0.05m | -€0.006m | -€0.006m | €0.002m | -€0.2m | - |
| Operating profit (loss)9901 | €0.1m | €0.4m | €0.08m | -€0.01m | -€0.007m | -€0.008m | €0.001m | -€0.2m | - |
| Financial income75/76B | - | - | - | €0.5m | €0.001m | €0.03m | €0.009m | €110 | ▼ 98.8% |
| Recurring financial income75 | €0 | €353 | €0.001m | €0.001m | €0.001m | €0.03m | €0.009m | €110 | ▼ 98.8% |
| Non-recurring financial income76B | - | - | - | €0.5m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.004m | ▲ 179% |
| Recurring financial charges65 | €0.007m | €0.004m | €0.004m | €0.001m | €0.001m | €0.001m | €0.001m | €0.004m | ▲ 179% |
| Debt charges650 | €0.006m | €0.004m | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.4m | €0.08m | €0.5m | -€0.006m | €0.02m | €0.009m | -€0.2m | - |
| Income taxes67/77 | €0.03m | €0.1m | €0.02m | €0.002m | -€0.001m | €419 | €0.002m | - | - |
| Profit (loss) for the period9904 | €0.07m | €0.2m | €0.06m | €0.5m | -€0.005m | €0.02m | €0.006m | -€0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.2m | €0.06m | €0.5m | -€0.005m | €0.02m | €0.006m | -€0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.8m | €2.6m | €1.0m | €0.9m | €1.0m | €0.08m | €0.03m | ▼ 58.7% |
| Fixed assets21/28 | €0.06m | €0.07m | €0.07m | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.009m | €0.01m | €0.01m | - | - | - | - | - | - |
| Financial fixed assets28 | €0.06m | €0.06m | €0.06m | - | - | - | - | - | - |
| Current assets29/58 | €0.4m | €0.7m | €2.6m | €1.0m | €0.9m | €1.0m | €0.08m | €0.03m | ▼ 58.7% |
| Amounts receivable within one year40/41 | €0.4m | €0.7m | €2.5m | €1.0m | €0.9m | €0.9m | €0.08m | €0.03m | ▼ 63.0% |
| Trade receivables40 | - | - | - | €0.02m | €344 | €0.02m | €0.003m | €0.02m | ▲ 723% |
| Other amounts receivable41 | - | - | - | €0.9m | €0.9m | €0.9m | €0.07m | €0.003m | ▼ 95.3% |
| Cash at bank and in hand54/58 | €0.03m | €0.01m | €0.01m | €0.01m | €0.005m | €0.006m | €0.006m | €0.006m | ▲ 0.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €361 | €52 | - | €52 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.8m | €2.6m | €1.0m | €0.9m | €1.0m | €0.08m | €0.03m | ▼ 58.7% |
| Equity10/15 | €0.1m | €0.4m | €0.4m | €0.9m | €0.9m | €0.9m | €0.08m | -€0.1m | - |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.07m | €0.3m | €0.4m | €0.9m | €0.9m | €0.9m | €0.01m | €0.006m | ▼ 52.3% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.9m | €0.9m | €0.9m | €0.007m | - | - |
| Profit (loss) carried forward14 | €0.002m | €404 | €76 | €0.002m | €0.002m | €0.02m | €0.001m | -€0.2m | - |
| Amounts payable17/49 | €0.3m | €0.4m | €2.2m | €0.04m | €0.01m | €0.01m | €0.006m | €0.2m | ▲ 25× |
| Amounts payable within one year42/48 | €0.3m | €0.4m | €2.1m | €0.04m | €0.01m | €0.01m | €0.006m | €0.2m | ▲ 25× |
| Trade debts44 | €0.3m | €0.2m | €2.0m | €0.01m | €0.01m | €0.01m | €0.003m | €0.02m | ▲ 550% |
| Suppliers440/4 | - | - | - | €0.01m | €0.01m | €0.01m | €0.003m | €0.02m | ▲ 550% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €199 | €419 | €0.003m | €0.002m | ▼ 14.6% |
| Taxes450/3 | - | - | - | €0.03m | €199 | €419 | €0.003m | €0.002m | ▼ 14.6% |
| Other amounts payable47/48 | - | - | - | €1 | - | - | - | €0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,066 | €246,538 | €55,472 | €496,891 | -€5,358 | €15,442 | €6,471 | -€195,663 | - |
| + Depreciation and write-downs630 | €3,464 | €4,993 | €8,217 | €3,535 | - | - | - | - | - |
| Operating cash flow (approximation) | €74,531 | €251,531 | €63,689 | €500,425 | -€5,358 | €15,442 | €6,471 | -€195,663 | - |
| Investment in fixed assets (approximation) | - | -€8,923 | -€9,532 | - | - | - | - | - | - |
| Change in cash | - | -€19,243 | €1,461 | -€3,332 | -€5,831 | €853 | €15 | €10 | ▼ 32.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,008 companies had the same profile as Re.work has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Re.work itself: 4.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,008 companies, not a prediction for Re.work. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00343578 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00250201 | |
| 31-12-2023 | abbreviated format | 23-07-2024 | 2024-00283370 | |
| 31-12-2022 | abbreviated format | 10-08-2023 | 2023-00326038 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20335290 | |
| 31-12-2020 | abbreviated format | 12-07-2021 | 2021-34500055 | |
| 31-12-2019 | full format | 09-07-2020 | 2020-28400332 | |
| 31-12-2018 | full format | 24-06-2019 | 2019-22500420 |